Otis Worldwide Co. (NYSE:OTIS) Stock Holdings Lifted by Atria Investments Inc

Atria Investments Inc lifted its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 21.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,149 shares of the company’s stock after buying an additional 2,304 shares during the period. Atria Investments Inc’s holdings in Otis Worldwide were worth $1,218,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of OTIS. Resonant Capital Advisors LLC boosted its stake in Otis Worldwide by 3.1% in the fourth quarter. Resonant Capital Advisors LLC now owns 3,455 shares of the company’s stock valued at $320,000 after acquiring an additional 105 shares during the period. Rehmann Capital Advisory Group boosted its position in Otis Worldwide by 4.4% during the 3rd quarter. Rehmann Capital Advisory Group now owns 2,867 shares of the company’s stock valued at $299,000 after purchasing an additional 122 shares during the period. PFG Investments LLC grew its stake in Otis Worldwide by 4.1% during the 4th quarter. PFG Investments LLC now owns 3,342 shares of the company’s stock worth $309,000 after buying an additional 131 shares during the last quarter. Groupama Asset Managment increased its position in Otis Worldwide by 1.4% in the third quarter. Groupama Asset Managment now owns 9,428 shares of the company’s stock worth $980,000 after buying an additional 132 shares during the period. Finally, IFP Advisors Inc lifted its stake in Otis Worldwide by 8.8% in the fourth quarter. IFP Advisors Inc now owns 1,676 shares of the company’s stock valued at $155,000 after buying an additional 136 shares during the last quarter. Institutional investors and hedge funds own 88.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OTIS. Wolfe Research lowered shares of Otis Worldwide from a “peer perform” rating to an “underperform” rating and set a $104.00 price target for the company. in a research report on Thursday, December 12th. UBS Group initiated coverage on shares of Otis Worldwide in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $113.00 price target on the stock. JPMorgan Chase & Co. reduced their price objective on Otis Worldwide from $108.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, January 30th. Wells Fargo & Company lowered their target price on Otis Worldwide from $100.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 30th. Finally, Barclays reduced their price target on Otis Worldwide from $94.00 to $91.00 and set an “underweight” rating for the company in a research report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $102.88.

Insider Buying and Selling at Otis Worldwide

In other news, CEO Judith Fran Marks sold 38,012 shares of Otis Worldwide stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $94.41, for a total value of $3,588,712.92. Following the transaction, the chief executive officer now directly owns 245,883 shares of the company’s stock, valued at $23,213,814.03. This trade represents a 13.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Montlivault Stephane De sold 6,660 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $105.30, for a total transaction of $701,298.00. Following the sale, the insider now owns 63,931 shares in the company, valued at $6,731,934.30. This represents a 9.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 112,281 shares of company stock valued at $10,747,553. Corporate insiders own 0.23% of the company’s stock.

Otis Worldwide Stock Performance

OTIS opened at $101.17 on Wednesday. The company has a market capitalization of $40.12 billion, a PE ratio of 24.92 and a beta of 1.05. The stock’s fifty day moving average is $96.28 and its 200-day moving average is $97.97. Otis Worldwide Co. has a one year low of $90.12 and a one year high of $106.83.

Otis Worldwide (NYSE:OTIS) last issued its quarterly earnings results on Wednesday, January 29th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.95 by ($0.02). Otis Worldwide had a net margin of 11.53% and a negative return on equity of 31.76%. On average, equities research analysts forecast that Otis Worldwide Co. will post 4.04 EPS for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 14th were given a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 1.54%. Otis Worldwide’s dividend payout ratio (DPR) is 38.42%.

Otis Worldwide announced that its Board of Directors has initiated a stock repurchase plan on Thursday, January 16th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.